Lowell Farms Inc. Announces Unaudited First Quarter 2022 Financial and Operational Results

Lowell Farms Inc. Announces Unaudited First Quarter 2022 Financial and Operational Results
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<![CDATA[SALINAS, Calif., May 10, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California-born innovator in cannabis cultivation and maker of the brand Lowell Smokes, announces unaudited revenue and operating results for the first quarter and fiscal year (ended March 31, 2022). All figures stated are in US Dollars.First Quarter Financial Highlights:Revenue generated for the three-month period ended March 31, 2022 was $12.4 million; an increase of 13% from Q1 2021.CPG revenue increased 10% sequentially, primarily due to increases in pre-roll and packaged flower revenue.As expected, Lowell Farm Services (LFS) revenue declined $2.8 million from fourth quarter seasonal high levels.Gross margin as reported was 12.7% in the first quarter compared to negative 12.3% sequentially and negative 13.4% year over year.Operating expenses were $4.0 million or 33% of sales for the quarter, compared to $6.3 million or 42% of sales in the fourth quarter last year and $4.2 million or 38% of sales in the first quarter last year, reflecting cost reductions realized in the current quarter.The operating loss in the first quarter was $2.5 million compared to an operating loss of $8.2 million sequentially and an operating loss of $5.7 million year over year, reflecting the favorable impact from increased sales, cost reductions and efficiencies.Net loss for the first quarter was $4.1 million compared sequentially to a net loss of $10.0 million, which compares to a net loss of $6.7 million in the first quarter last year.Adjusted EBITDA in the first quarter was negative $0.9 million compared sequentially to adjusted EBITDA of negative $3.6 million and negative adjusted EBITDA of $4.6 million year over year. Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Information” below for further information and a detailed reconciliation to Net Loss, the closest comparable GAAP measure.Revenue Summary…

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Source : Lowell Farms Inc. Announces Unaudited First Quarter 2022 Financial and Operational Results

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